Important Financial Aid Policies

Studio Incamminati uses a standard academic year that spans two enrollment terms (semesters). These two terms total at least 37 weeks of instruction. Full-time students are expected to complete 25-26 credit hours during an academic year. For financial aid purposes, the academic year is defined by 25-26 credit hours and 37 weeks of instruction.

The Standard Academic Year starts with the fall semester and finishes at the end of the spring semester. Summer sessions may be added to the end of the standard academic year. The 2019-2020 Standard Academic Year begins on Sept. 3, 2019, and ends June 12, 2020.

The amount of financial aid students receive also depends on their enrolment status. To be considered enrolled full-time for Federal financial aid purposes; students must be taking 12 credit hours per semester over at least 15 weeks. Students must be taking at least 6 credit hours per semester (half-time) to be considered for direct loans. Students may be taking less than 6 credit hours to be considered for Pell Grants.

Each year the U.S. Department of Education requires schools participating in the Title IV, Federal Student Aid programs to verify the consistency and accuracy of data submitted on the Free Application for Federal Student Aid (FAFSA). Any student who completes a FAFSA may be chosen for verification by the Department of Education. Nationwide, about 30% of all FAFSA applications are selected.

If selected, students (if Independent) and their parents (if Dependent) must supply documentation to confirm the data reported on the FAFSA form. Students must submit a required Verification Worksheet and copies of their (and their parents’) federal income tax transcripts. In some instances, students will be required to provide proof of identification and graduation of High School (or the equivalent). If selected, the Financial Aid Administrator will notify the student and provide a copy of the institution’s detailed Verification Policies and Procedures. No federal financial aid may be credited to the student’s account until this process is completed.

Primary documents collected are:

2018 IRS Tax Return Transcript

This is required for the student, the student’s spouse if married, and for the parents of a dependent student. The form can be ordered on-line at www.IRS.gov, or call 1-800-908-9946. Be sure to request a “2018 IRS Tax Return Transcript” and not an “IRS Tax Account Transcript.”

2018 W-2 Form(s)

Copies of all 2017 W-2 forms are required for the student, the student’s spouse if married, and for the parents of a dependent student.

Studio Incamminati Verification Worksheet

Studio Incamminati verifies all students who are selected by the U.S. Department of Education. The Financial Aid Administrator may use its own discretion in selecting students for verification. Students selected for verification will be notified by the Financial Aid Administrator. Students will have 45 days from the time of notification to submit all appropriate documents to the Financial Aid Administrator or risk losing all or a portion of their financial aid. No funds will be credited to a student’s bill until the verification process is completed. Should verification result in a change in financial aid, the student will be notified via a revised award letter. The Financial Aid Administrator has the right to request additional information and documentation beyond the forms listed above.

When students apply for financial aid, a statement is signed that the funds will be used for educational purposes only. Therefore if students withdraw before completing the program, a portion of the funds received may have to be returned. Studio Incamminati will calculate the amount of funding to be returned to the Title IV HEA Federal fund programs according to the policies below:

Return To Title IV Funds Policy

This policy applies to students who withdraw officially, unofficially or fail to return from a leave of absence or are dismissed from enrollment. It is separate and distinct from Studio Incamminati’s Refund Policy.

The calculated amount of the Return of title IV, HEA funds that are required to be returned for the students affected by the policy, are determined according to the following definitions and procedures as prescribed by the regulations.

The amount of title IV, HEA earned is based on the amount of time a student spent in academic attendance, and the total aid received; it has no relationship to the student’s incurred institutional charges. Because these requirements deal only with Title IV HEA funds, the order of return of unearned funds does not include funds from sources other than the title IV, HEA programs.

Title IV, HEA funds are awarded to students under the assumption that he/she will attend school for the entire period for which the aid is awarded. Students who withdrawal may no longer be eligible for the full amount of Title IV, HEA funds that were originally scheduled. Therefore, the amount of Federal funds earned must be determined. If the amount disbursed is greater than the amount earned, unearned funds must be returned.

The Payment period for a term-based credit hour program is one half the academic year and one half the credits.

Students who do not complete all the days in the payment period or period of enrollment that the student was scheduled to complete are considered to be withdrawn. Students who ceases attendance (drops or withdraws) from all his or her title IV eligible courses in a payment period or period of enrollment are also considered to be withdrawn.

Date of Determination that the Student Withdrew

The Date of Determination is the date of the institution’s determination that the student withdrew varies depending on the type of withdrawal. Students who officially withdrawal or provide official notification of their intent to withdraw, the date of the institution’s determination that the student withdrew would be the date the student began the official withdrawal process or the date of the student’s notification, whichever is later. Students who do not begin the official withdrawal process or provide notification of his/her intent to withdraw, the date of the institution’s determination that the student withdrew would be the date the school becomes aware that the student ceased attendance.

Studio Incamminati does take attendance and so the last date of attendance will always be used when calculating Return to Title IV.

Studio Incamminati has 45 days from the date that the institution determines that the student withdrew to return all unearned funds for which it is responsible. The school is required to offer a post withdrawal disbursement that is not credited to the student’s account within 30 days of the date of determination.

The Date of Determination that the student withdrew is a maximum 14 days after the last date of attendance. The Date of Determination starts the clock for timely refunds of Title IV Programs. Funds must be returned within 45 days after the Date of Determination. All dates are based on required official Studio Incamminati attendance records.

Studio Incamminati’s Office is required by federal statute to calculate the percentage of earned Title IV Funds received or pending and to return the unearned funds for students who withdrew, were terminated or failed to return from an approved leave of absence. For students who fail to return from a Leave of Absence, the Date of Withdrawal is the last day the student attended class before the Leave began. Therefore, for students enrolled in credit hour term programs for a LOA to be an official LOA a school must allow a student returning from a LOA to complete the coursework that he or she began prior to the LOA. In addition the institution may not impose additional charges and may not award the student additional Title IV assistance.

Payment Period:

For a student in an eligible program in semesters, and measures progress in credit hours, the payment period is the semester.

Rounding:

Enter dollars and cents using standard rounding rules to round to the nearest penny. Final payment amounts that the school and student are each responsible for returning may be rounded to the nearest dollar.

Percentages are calculated to four decimal places and rounded to three decimal places.

Students who reenter within 180 days of their withdrawal are immediately eligible
to receive all Title IV funds that were returned when they ceased attendance.

“Official” Voluntary Withdrawal

Students are considered to be “Officially” withdrawn on the date he/she notifies the Financial Aid Administrator or Director in writing of their intent to withdraw. The date of the termination for return and refund purposes will be the earliest of the following for official withdrawals:

1. Date student provided official notification of intent to withdraw in writing.
2. Date student began the withdrawal from the school’s records.

Students will be permitted to rescind his/her notification in writing and continue the program if so chosen. However, students who subsequently drop, the withdrawal date is the original date of notification of intent to withdraw.

Upon receipt of the withdrawal information the Studio Incamminati will complete the following:

1. Determine the student’s last date of attendance as of the last recorded date
   of academic attendance on the school’s attendance record
2. Perform two calculations
   1. The students ledger card and attendance record are reviewed to determine the calculation of Return of Title IV, HEA funds the student has earned, and if any, the amount of Title IV, HEA funds for which the school is responsible. Returns made to the Federal Funds Account are calculated using the Department’s Return of Title IV, HEA Funds Worksheets, scheduled attendance and are based upon the payment period.
   2. Calculate the school’s refund requirement (see school refund calculation).

3. Student’s grade record will be updated to reflect his/her final grade.

4. Studio Incamminati will return the amount for any unearned portion of the Title IV, HEA funds for which the school is responsible within 45 days of the date the official notice was provided.

5. If applicable, Studio Incamminati will provide students with a letter explaining the Title IV, HEA requirements. To include:

   1. The amount of Title IV, HEA assistance the student has earned. This amount is based upon the length of time the student was enrolled in the program based on scheduled attendance and the amount of funds the student received.

   2. Any returns that will be made to the Federal program on the student’s behalf as a result of exiting the program. If a student’s scheduled attendance is more than 60% of the payment period, he/she is considered to have earned 100% of the Federal funds received for the payment period. In this case, no funds need to be returned to the Federal funds.

   3. Advise the student of the amount of unearned Federal funds and tuition and fees that the student must return, if applicable.

6. Supply the student with ledger card record noting outstanding balance due to the school and the available methods of payment. A copy of the completed worksheet, check, letter and final ledger card will be kept in the student’s file.

Students who decide to rescind his/her official notification to withdraw must provide a signed and dated written statement indicating he/she is continuing his or her program of study, and intends to complete the payment period. Title IV, HEA assistance will continue as originally planned. Students who subsequently fail to attend or cease attendance without completing the payment period will have their withdrawal date return to the last date of attendance.

Unofficial Withdrawal

A student who does not provide official notification of his/her intent to withdraw and is absent for more than 14 consecutive calendar days, fails to maintain satisfactory academic progress, fails to comply with the school’s attendance and /or conduct policy, does not meet financial obligations to the school, or violates conditions mentioned in the School contractual agreement, will be subject to termination and considered to have unofficially withdrawn.

Within two weeks of the student’s last date of academic attendance, the following procedures will take place:

1. The Office will make three attempts to notify the student regarding his/her enrollment status.
2. Determine and record the student’s last date of attendance as the last recorded date of academic attendance on the attendance record.
3. The student’s withdrawal date is determined as the date the day after 14 consecutive calendar days of absence.
4. Notify the student in writing of their failure to contact the school and attendance status resulting in the current termination of enrollment.
5. Studio Incamminati will calculate the amount of Federal funds the student has earned, and, if any, the amount of Federal funds for which the school is responsible.
6. Calculate the school’s refund requirement (see school refund calculation).
7. The school’s Controller will return to the Federal fund programs any unearned portion of Title IV funds for which the school is responsible within 45 days of the date the withdrawal determination was made, and record on student’s ledger card.
8. If applicable, Studio Incamminati will provide the student with a refund letter explaining Title IV requirements:
   1. The amount of Title IV aid the student has earned based upon the length of time the student was enrolled and scheduled to attend in the program and the amount of aid the student received.
   2. Advise the student in writing of the amount of unearned Title IV, HEA aid and tuition and fees that he/she must return, if applicable.
9. Supply the student with final student ledger card showing outstanding balance due the school and available methods of repayment.
10. A copy of the completed worksheet, check, letter, and final ledger card will be kept in the student’s file.

Withdraw Before 60%

Studio Incamminati must perform a return to Title IV to determine the amount of earned aid through the 60% point in each payment period. The school will use the Department of Education’s prorate schedule to determine the amount of the return to Title IV funds students have earned at the time of withdrawal.

Withdraw After 60%

After the 60% point in the payment period, students have earned 100% of the Title IV or HEA funds he/she was scheduled to receive during this period. Studio Incamminati must still perform a return to title IV to determine the amount of aid students have earned.

Studio Incamminati measures progress in credit hours, and uses the payment period for the period of calculation.

The Calculation Formula

Determine the amount of Title IV or HEA aid that was disbursed plus Title IV or HEA aid that could have been disbursed.

Calculate the percentage of Title IV, HEA aid earned by student:

1. Determine the percentage of the period completed:
   1. Divide the calendar days completed in the period by the total calendar days in the period (excluding scheduled breaks of five days or more AND days that the student was on an approved leave of absence). COMPLETED DAYS / TOTAL DAYS IN PERIOD = PERCENT EARNED (rounded to one significant digit to the right of the decimal point, ex. .4493 = 44.9 %)
   2. If this percentage is greater than 60%, the student earns 100%. If this percent is less than or equal to 60%, proceed with calculation:
      1. PERCENT EARNED multiplied by TOTAL AID DISTRIBUTED (or could have been disbursed) = AMOUNT STUDENT EARNED.
      2. TOTAL AID DISTRIBUTED (or could have been disbursed) – AMOUNT STUDENT EARNED = AMOUNT TO BE RETURNED.
      3. 100% – PERCENT EARNED = UNEARNED PERCENT
      4. UNEARNED PERCENT multiplied by total institutional charges for the period = AMOUNT DUE FROM STUDIO INCAMMINATI.
   3. If the TOTAL AID DISTRIBUTED (or could have been disbursed) is greater than UNEARNED PERCENT multiplied by institutional charges for the period, then TOTAL AID DISTRIBUTED will be used in place of UNEARNED PERCENT.

If the UNEARNED PERCENT multiplied by institutional charges for the period are less than the AMOUNT DUE FROM STUDIO INCAMMINATI, then the student must return or repay one-half of the remaining unearned Federal Pell Grant.

Students are not required to return the overpayment if this amount is equal to or less than 50% of the total grant assistance that was disbursed /or could have been disbursed. The student is also not required to return an over payment if the amount is $50 or less.

Studio Incamminati will issue a grant over payment notice to students within 30 days from the date the school’s determination that students withdrew, giving students 45 days to either:

• Repay the over payment in full to Studio Incamminati
• Or sign a repayment agreement with the U.S. Department of Education.

Order of Return

The School is authorized to return any excess funds after applying them to current outstanding Cost of Attendance (COA) charges. A copy of the Institutional R2T4 work sheet performed on your behalf is available through the office upon student request.

In accordance with Federal regulations, when Title IV, HEA financial aid is involved, the calculated amount of the R2T4 Funds is allocated in the following order:

• Unsubsidized Direct Stafford loans (other than PLUS loans)

• Subsidized Direct Stafford loans

• Direct PLUS loans

• Federal Pell Grants for which a Return is required

• Iraq and Afghanistan Service Grant for which a Return is required

• Institutional aid

Post Withdrawal Disbursements

Studio Incamminati must offer any amount of a post-withdrawal disbursement within 30 days of the Date of Determination to students or parents. This must be done by providing a written notification to the student or parent and identify the type and amount of the Title IV Funds that make up the Post-withdrawal Disbursements. Students must either accept or decline some or all of the Post-withdrawal Disbursement. If the Post-withdrawal Disbursement is accepted by the student and/or parent, the institution has 45 days for grants and 180 days for loans from the Date of Determination to disburse the funds or decline to do so at its own discretion.

A Post Withdrawal Disbursement must be made from available grant funds first, before taking available loan funds. No permission is required to disburse grant funds.

Institutional Responsibilities

Studio Incamminati’s responsibilities in regards to Title IV, HEA funds follow:

• Providing students information with information in this policy.
• Identifying students who are affected by this policy and completing the
  return of Title IV funds calculation for those students.
• Returning any Title IV, HEA funds due to the correct Title IV programs.

The institution is not always required to return all of the excess funds; there are situations once the return to Title IV calculations have been completed in which the student must return the unearned aid.

Overpayment of Title IV, HEA Funds

Any amount of unearned grant funds that students must return is called an overpayment. The amount of grant overpayment that students must repay is half of the grant funds received. Students must make arrangements with Studio Incamminati or the U.S. Department of Education to return the amount of unearned grant funds.

Student Responsibilities in regards to return of Title IV, HEA funds

• Returning to the Title IV, HEA programs any funds that were dispersed in which the student was determined to be ineligible for via the return to Title IV calculation.
• Any notification of withdraw should be in writing and addressed to the appropriate institutional official.
• Students may rescind his/her notification of intent to withdraw. Submissions of intent to rescind a withdraw notice must be filed in writing.
• Either these notifications, to withdraw or rescind to withdraw, must be made to the Director of Educational Programming or President.

Refund vs. Return to Title IV

The requirements for the Title IV, HEA program funds when students withdraw are separate from the Studio Incamminati refund policy. Therefore, students may still owe funds to the school to cover unpaid institutional charges or if applicable, receive a credit balance. Studio Incamminati may also charge for any Title IV, HEA program funds that they were required to return on your behalf.

Studio Incamminati’s refund policy is located in the 2018-2019 School Catalog and the 2018-2019 Policies & Guidelines. A paper copy can be provided by the office.

Return to Title IV Questions

Students who have questions regarding Title IV, HEA program funds after visiting with the Financial Aid Administrator may call the Federal Student Aid Information Center at 1-800-4-fedaid (800-433-3243). TTY users may call 800-730-8913. Information is also available on student aid at www.studentaid.ed.gov